https://www.taxtmi.com/caselaws?id=202220 HC held the waiver of a loan under an OTS can be income or not depending on the loan's purpose; if borrowed for capital acquisition the waiver is not taxable, but if used for trading/circulating capital and treated as such in accounts the waiver constitutes taxable income (including perquisite/deemed income). The appellant admitted funds financed business; a post-assessment change to claim long-term investment was rejected. Tribunal's factual finding that funds financed business was upheld, and decision rendered in favor of the revenue. en-us Fri, 18 Feb 2011 00:00:00 +0530 Tue, 14 Jul 2026 17:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202220 HC held the waiver of a loan under an OTS can be income or not depending on the loan's purpose; if borrowed for capital acquisition the waiver is not taxable, but if used for trading/circulating capital and treated as such in accounts the waiver constitutes taxable income (including perquisite/deemed income). The appellant admitted funds financed business; a post-assessment change to claim long-term investment was rejected. Tribunal's factual finding that funds financed business was upheld, and decision rendered in favor of the revenue. Case-Laws Income Tax Fri, 18 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202220